Budget 2026 live: chancellor says scrapping of gas standing charges will save 60% of homes £45 a year

John Healey says UK faces ‘difficult moment’ as he prepares to deliver first budget of Andy Burnham’s government

• You be the chancellor: play our budget game to see if you can balance the books

Good morning. When Andy Burnham became PM, he signalled that he wanted to end 40 years of neoliberalism. Judging by all the briefing about what will be in the budget today, neoliberalism is probably safe for another year or so because Burnham and his chancellor, John Healey, have decided not to use this as a moment for big, transformative change, but to instead opt for a more low-risk, every-little-bit-helps fiscal statement. There are radical elements in the Burnham agenda, but mostly they will have to wait for another day. In a video setting the scene for the budget, Healey sums it up with the slogan: “Breathing space today, and fresh hope for the future.”

Here is Pippa Crerar and Heather Stewart’s overnight splash story previewing the budget.